Snap Earnings Beats Big on Earnings

NATION-NOW     Snapchat's parent finally sees a turnaround     
       Snapchat's parent finally sees a turnaround

It looks like the cloud of doom-and-gloom hanging over Snapchat parent company Snap Inc. may be in the early stages of receding, as the company today posted its first ever better-than-expected quarterly earnings since going public in spring of previous year. Still, Snap Inc shares closed up about 1.52 percent to $14.06 earlier today.

Snap crushed Wall Street expectations during the fourth quarter.

Eyes will be on expectations that Snap added 6M users to reach 184M (16% Y/Y growth).

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Paired with higher-than-expected revenue and improved margins, the user growth signalled loss-making Snap could be turning a corner as it grapples with other social media companies adding Snapchat-like features, analysts said. More importantly, revenue was up 72 percent year-on-year to $285.7 million, compared to the estimate of $253 million. While that's a significant jump from last year's $404 million, it's still a far cry from the $1 billion in annual revenue that some analysts were predicting when the company was hyping its IPO last March. Snapchat had not growing as quickly as investors had hoped, causing questions about the app's ability to attract a broad audience beyond is base of young, digital savvy users. Bank of New York Mellon Corp now owns 36,643 shares of the company's stock worth $651,000 after buying an additional 13,336 shares during the last quarter. Tuesday's after-hours gain has Snap trading back above its initial public offering price of $17 for the first time since July.

The company reported its loss widened to $350 million in the last three months of 2017 after a $170 million deficit a year earlier. The Company's flagship product, Snapchat, is a camera application that helps people to communicate through short videos and images known as a Snap. First Trust Advisors LP grew its stake in Snap by 873.8% in the 3rd quarter. This is the first time Snap has beat market expectations since going public a year ago.

Its iOS apps continue to dominate, as Spiegel said Bitmoji and Snapchat ended the year as the number one and number two most popular apps of 2017 in the Apple App Store, which bears out.

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